Liquidating Trustee. Upon the winding up of the Company business for any reason, the Manager shall act as “Liquidating Trustee” or shall elect a Liquidating Trustee. If the Manager has been removed, has withdrawn or is unwilling or unable to act as or elect a Liquidating Trustee, Members holding a majority of the Percentage Interests shall act as or elect a Liquidating Trustee. The Liquidating Trustee shall have full power to sell, assign and encumber Company assets for all-cash in transactions with Persons that are not Affiliates of either Member and are not acting as nominees for either Member. All certificates or notices required by law shall be filed on behalf of the Company by the Liquidating Trustee.
Appears in 3 contracts
Samples: Operating Agreement (Inland Real Estate Corp), Operating Agreement (Inland Real Estate Corp), Limited Liability Company Agreement (Inland Retail Real Estate Trust Inc)
Liquidating Trustee. Upon the winding up of the Company business for any reason, the Manager shall act as “Liquidating Trustee” or shall elect a Liquidating Trustee. If the Manager has been removed, has withdrawn or is unwilling or unable to act as or elect a Liquidating Trustee, Members holding a majority of the Percentage Interests shall act as or elect a Liquidating Trustee. The Liquidating Trustee shall have full power to sell, assign and encumber Company assets for all-cash all‑cash in transactions with Persons that are not Affiliates of either Member and are not acting as nominees for either Member. All certificates or notices required by law shall be filed on behalf of the Company by the Liquidating Trustee.
Appears in 2 contracts
Samples: Operating Agreement (Inland Real Estate Corp), Operating Agreement (Inland Real Estate Corp)
Liquidating Trustee. Upon the winding up of the Company business for any reason, the Manager shall act as “Liquidating Trustee” or shall elect a Liquidating Trustee. If the a Manager has been removed, has withdrawn or is unwilling or unable to act as or elect a Liquidating Trustee, Members holding a majority of such Manager’s successor and the Percentage Interests remaining Managers shall act as or elect a Liquidating Trustee. The Liquidating Trustee shall have full power to sell, assign and encumber Company assets for all-cash in transactions with Persons that are not Affiliates of either Member and are not acting as nominees for either Memberassets. All certificates or notices required by law shall be filed on behalf of the Company by the Liquidating Trustee.
Appears in 2 contracts
Samples: Preferred Membership Unit Purchase Agreement (FVA Ventures, Inc.), Preferred Membership Unit Purchase Agreement (FVA Ventures, Inc.)
